16 Tips for Starting & Succeeding in your own “amazing” Business

Startup Quotes from Famous Founders:

“If something is important enough, or you believe something is important enough, even if you are afraid, you will keep going.” Elon Musk

“Whether you think you can, or think you can’t – you’re right.” Henry Ford

“Risk more than others think is safe. Dream more than others think is practical.” Howard Schultz – StarBucks

“Do not be embarrassed by your failures, learn from them and start again.” Richard Branson

“The only way to do great work is to LOVE what you do.” Steve Jobs

“All our dreams can come true, if we have the courage to pursue them.” Disney

“Success is stumbling from failure to failure with no loss of enthusiasm.” Winston Churchill

“Winning isn’t everything – but wanting to win is.” Vince Lombardi – #1 NFL Coach

“Diligence is the mother of good luck.” Ben Franklin (one of my greatest Grandfathers)

“Study the past if you would define your future.” Confucius

“Attitude is a little thing that makes a big difference.” Leonado Da Vinci

“The true entrepreneur is a doer, not a dreamer.” Nolan Bushnell – Atari + + +

“In the end, a Vision without the ability to execute it is probably a hallucination.”
Steve Case – AOL

“It is hard to fail, but it is worse never to have tried to succeed.” Teddy Roosevelt

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TOPICS: What, Right? Need, Competitors, Planning, Needs, ProCrastinate, Start small, Mistakes, Experts, Systems, Delegate, Digital Mktg, Investors, Track, Learn.

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What do you need to do to start a business? There are dozens of Websites that have Checklists that remind you of the many tasks you should perform when starting a business. Although such Checklists are very useful because they help you remember important Startup steps, they are just To-Do Lists. They tell you what to do, but don’t provide any tips about what makes a business successful. Unfortunately, you don’t succeed in business just by completing a List of Tasks. Nor will your business be a success just because you think it’s a good idea. What will make or break your business? What determines if it will be a success?

Here are 16 Tips for starting a Business & making it succeed.

  1. Know what you Want in Life . . .

your true motivational level, the amount of $$$ you can risk, and what you’re willing to do to be successful. Sure, we all want to make millions of $$$. But what are you willing to give up in our Life to reach that goal? How many hours a week will you work on an ongoing basis? How far out of your comfort zone are you willing to stretch? How far will your family stretch with you? To be successful, keep your business plans in line with your personal & family goals + resources.

  1. Choose the right Business for you.

The old formula – Find a need and fill it – still works. It will always work. The key to success is finding needs that you can fill, that you want to fill, and that will produce enough income to build a profitable business.

  1. Be sure there really is a Market for your Product or Service.

One of the biggest mistakes startups make is to assume a lot of people will want to buy a particular product or service because the business owner likes the ideas or knows one or two people who want the product or service. To minimize your risk for loss, never assume there is a market. Research the idea. Talk to real potential prospects (who aren’t family and friends) to find out if what you want to sell is something they’d be interested in buying, and if so, what they’d pay for the product or service.

  1. Research your Competitors. 

No matter what type of business you are starting or running, you will have Competitors. Even if there is no other business offering exactly what you plan to sell, there is very likely to be other products or services your Target customers are using to satisfy their need.  To be successful, you need to research the Competition and find out as much as possible about what they sell and how they sell it. Competitive research is something you should plan on doing on an ongoing basis, too. If there really aren’t any other competitors, it’s possible there isn’t a market or a real need for what you want to sell.

  1. Do Planning to Succeed.

If you’re not seeking Investors or putting a huge sum of money into your business, you may not need an elaborate Business Plan, but you still do need a some kind of plan (ie, Exec Sumry – I can do 1 for you – Peter@Wiz4.biz), one that specifies your Mission – your Vision – and then lays out at least a skeletal Roadmap for how you’ll get to where you want to go. The plan will probably change as you progress and learn more about your customers & competition, but it will still help you stay focused and headed in the right direction.

  1. Determine your Resources Needed. 

Most people who are thinking about starting a business focus on what they’ll sell and who they’ll sell it too.  What they often don’t consider is how the business will actually operate. For instance, if you’re selling items, how will they be delivered? How much Customer support will be needed – either to answer questions about the product or to respond to people whose shipments haven’t arrived? Will you need to accept Credit cards? Will you Invoice customers? Who will follow up to be sure you’re paid? Who will build and maintain your Website & Social Media presence?  Will you be able to use a Virtual Assistant for such tasks, or will you have to hire employees? Even if you’re starting a small personal Service business, these are issues you should consider and plan for.

  1. Don’t Pro-Crastinate.

Even Amateur-Crastinate. LoL I’ve heard some people advise would-be business owners to not move ahead with their business until they have investigated every last detail of the business they want to start and are absolutely sure it’s all going to work & be profitable. The problem with that approach is that it leads to pro-crastination. No one ever really has all the pieces in place – even after they’ve started their business. Yes, you need to research the market, have a basic plan in place, and do things like getting a Tax ID (if needed), register with local govt, if required, etc. But if you try to make everything perfect before you launch, you may never get around to starting your business at all.

  1. Start on a small Scale before going all out.

Some people believe that entrepreneurs are risk–takers. But for the most part, successful entrepreneurs don’t like walking blindfolded on a limb. Instead, they take controlled risks. They test an idea on a small scale, then build on what works well, tweak what shows promise, and discard the disasters.

  1. Don’t get dis-heartened on Mistakes. 

Do another Take. The do it in the Movies or TV. The difference between successful people and everyone else is that the successful people learn from their mistakes and move on. They don’t dwell on failure, blame something else, curse their bad luck, or blame other people for their fate. If the path to their goal is blocked, they look for an alternate path or sometimes choose a different, more attainable goal.

10. Learn from Experts. 

Find a Mentor, join groups with like-minded people – Meetup, connect with the appropriate people in your Network, learn everything you can about your Industry and what it takes to get from where you are to where you want to be. Attend Industry conferences. Take Training courses when they are available. Get courses offered by experts. You’ll save a tremendous amount of trial & error by learning from people who have been there before.

  1. Organize your Systems & Delegate.

If you want to build a business, you need to develop systems & methods that allow you to hire other people to do the work of the business while you plan & organize it. You limit the potential for growth if you don’t bring in other people to work for you. You may need to start them part-time or get Interns or offer them a small piece of the profits – when you succeed – as a Bonus.

  1. Embrace Digital Marketing. 

Even if you’re running a local business, you need a comprehensive digital presence. At a minimum, you need a professional-looking Website, an Email list that lets you communicate with customers & prospects on a regular basis and presence on the Social Media channels that your customers frequent. While you may get many of your customers by word of mouth, referrals, or networking, you still need a strong digital presence. The reason: prospective customers are likely to look you up on the Web before they decide whether or not to contact you. Coupons, special offers, & practical info sent to your Email list can encourage customers and prospects to buy from you or make repeat purchases.

13. Get to know your Investors. 

If the business you are starting will need Investors to grow, do what you can to find out what Investors are looking for and where to find those who might invest in your kind of business. Local Angel & Venture Capital (VC) groups are a good place to start – attend meetings they hold or meetings that Investors are speaking at. Have an Elevator Pitch practiced so you can use it to interest investors – if you get a chance. Also consider Crowd-Funding – is it is appropriate for your business.

  1. Put yourself out there !!!

Ask for what you want (in a polite way.) Examples: I started my Online business by participating online on GE’s GEnie online service. When I was ready to send them a Proposal to run a small business area, I could not only talk about my credentials in general, but point to places I was already contributing to their service. I became one of the early content providers to America Online because I picked up the phone and made a Cold Call. I wound up with a new Consulting Client after I struck up a conversation with a woman sitting next to me on an airplane. Remember, people like to do business with people they know. Get the ball rolling, and keep it rolling by continually reaching out and introducing yourself to new people. Even if you’re not in an elevator, work in your Elevator Pitch for anyone – you might think would be interested.

  1. Track how you’re doing in your Business.

Do: Keep track of Income & Expenses, keep business money separate from personal funds, find out what regulations your business needs to abide by. Have monthly & quarterly Meetings to analyze how you’re doing. Look for trends and anything that needs attention.

  1. Never stop Learning & trying new things. 

What’s profitable now, won’t necessarily be profitable 1, 5 or 10 years from now. So, don’t let yourself fall into the “This is the way I’ve always done things” rut. Keep your eyes & ears open for new things. Are there newer or better ways to market your products & services? Are customers asking for something you’re not offering? Is there a different type of customer you should be targeting? Get answers by reading everything you can about your industry and listening to your customers.

Comment: Do you know any other Tips to help you Succeed in your Business.

fm Biz Know How 8/21 enhanced by Peter/CXO Wiz4.biz

For more Info, click on Staring a Business, Succeeding.

 

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